-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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“…Johnson plans to hold town hall meetings with constituents to get their input for his first budget, which will have to take the pension predicament into account. A failure to shore up the pension system could have ripple effects beyond city limits: Illinois Governor J.B. Pritzker said in an interview that he’s eager to help Chicago with this issue because it’s “the economic engine of the state.”” Simple solution, just do what JB does when he’s asked about Illinois’ pestilential pension mess. Dance accounting angels on the heads of pins, declare ‘victory,’ and pretend it’s problem solved. Sadly, most Illinois… Read more »
Consider da Dems pols in Sheeetcago and their masters da public sector unions like a Black Hole.
How do you stop da Black Hole from sucking in more and more of your wealth via high and higher taxes.
Get as far away as you can from it.
Illinoisans, vote with your feet and flee da Illinois Black Hole!!
This is what happens when socialists run our of other people’s money.